Page 9 - Insurance Times April 2020

Paytm General Insurance Beware of cyber frauds in insurance: IRDAI

gets new CEO The Insurance Regulatory and Development Authority of India (IRDAI) has
cautioned the general public about cyber fraudsters in insurance. "There are
Paytm has appointed Vineet Arora as occasional reports of fraudsters offering insurance with unusually low premium
the managing director and chief from fake entities through online and digital mode. The public are hereby
executive officer of Paytm General cautioned not top fall prey to such offers," the regulator said in a release.
Insurance Ltd.

The appointment, which is subject to Insurance should be bought only from insurers and intermediaries registered
regulatory approvals, is a step for Paytm with the IRDAI and the agents duly appointed by the insurance companies, it
to further its journey into the insurance said. The approved list of insurers and intermediaries can be checked from
sector with an immediate focus on IRDAI's portal, while agents' authenticity can be verified from the portals of
General Insurance, the company said in respective insurers, the release said.
a statement.
"The customer should take due care and and verify the genuineness of the
Arora will lead the efforts to provide
industry-leading solutions in the general website, insurer, intermediary and agents before making any online payment,"
insurance space, where Paytm the regulator said.
continues to explore options to enter
the sector, it added. PSU banks provide up to Rs 20 lakh insurance cover
"The financial service solutions that to employees
Paytm is building for millions in India are Public sector banks (PSBs) have provided insurance cover to employees in case
relevant globally as well. With Paytm of an unfortunate death due to the deadly virus.
leading the way I believe just like
payments, the general insurance Banks have also expressed their commitment to ensuring the well being of
industry would also go through a major their employees by providing protective gear and medical care. statBanks have
transformation going forward," Arora appointed dedicated doctors for its employees and also set up helpline to attend
said. to the concerns of staff.
Previously, Arora served as the “Salute to all bankers providing services across India in this critical time. To
managing director and chief executive ensure their safety, PSBs have provided health cover (incl of #Covid-19) to all
officer of Aegon Life Insurance Company employees and also lumpsum compensation in case of an unfortunate death
and was part of the India Leadership due to #Corona,” the Finance Ministry said in a tweet.
team.
Before that, he was senior general According to sources, banks have designed their own customised product
manager and head Product, keeping in mind interest of their employees and up to Rs 20 lakh lumpsum
Distribution, Marketing and Wealth amount will be paid to relative in case of unfortunate event due to #Corona,”
Management at ICICI Securities Ltd the Finance Ministry said.

Acko General Insurance offers one month free auto insurance amid COVID-19 lockdown
Acko General Insurance said it will offer one month's vehicle insurance free of charge to its customers in the wake of the
coronavirus pandemic. As people are not using their vehicles at this time, their insurance for the month remains unutilised,
Acko General Insurance said in a release. "To support customers during this time where their car/bike will not be in use,
Acko General Insurance, a new age online insurance provider, has decided to not charge insurance for one month and has
announced an industry-first initiative that gives a one-month insurance extension to car and bike owners," it said.

Customers who renew or are first time buyers of Acko's auto insurance policy, will need to pay only for 12 months and will
get a onemonth extension, at no extra cost, it added. This initiative will provide relief to customers for the month of the
lockdown where their car or bike has not been used, said the insurer. "Since most vehicles are parked and not in use during
this period, we want to support our customers and do the right thing in a transparent manner by extending their
insurance policy by a month for no additional cost," said Animesh Das, Head of Product Strategy, Acko General Insurance.

The Insurance Times, April 2020 9